![]() ![]() Or use this breakdown of student spending to jog your memory. Not sure what you spend? Check bank statements and receipts, as well as any banking apps or digital wallets you use. For example, socialising, hobbies and snacks on the go. Flexible costs: spending that fits around your finances.Your essential costs might also include transport to work, or course materials. Essential costs: things you have to pay regularly or can’t easily skip, such as rent and bills.Think about how much you spend (or need to set aside) for: Once you’ve got all your income sources, add up the amounts. Divide these by the number of months the money has to last to work out a monthly figure. ![]() You may get some of this income in one-off or bulk payments. Hardship funds and other emergency support.Welfare benefits or disability allowance.List the money you have coming in each month. There are also loads of interactive budgets you can use online or by app such as this Money Advice Service budget planner.A spreadsheet program like Excel is a good option if you want to save or update your budget and the software can even do the sums for you.It can help to keep a calculator to hand. You can make a budget on a piece of paper or in a notebook.Follow the steps below to build a budget. Budgeting makes sure you don’t overstretch yourself and it can help you prioritise your spending.īudgeting doesn’t take any complicated maths or special equipment. This is especially handy if you face unexpected costs or a drop in income. Planning these in advance is a great way to stay on top of your money. Making a budget usually involves deciding how much to spend on things that are important to you – for instance rent, food and socialising. If you ever run out of your student loan or struggle to make ends meet, a budget can help you get back on track. Simply put, a budget is a plan for how you want to spend your money. Even having a go can lighten some of the stress of money worries. It can show you what you have to work with, and how to get through tough times. ![]()
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